Century 21 People's Choice

Low interest rates are the market's lifeline during tougher times

9/25/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Employment figures had a major influence on the market's dynamics. ... More

Canadian Housing Market, Interest Rates, Mortgage Consumers

More Fed cuts expected to push Canadian interest rates lower

9/19/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Great News for Canadians waiting for lower rates as the effects of shrinking global economy to hit Canada as well. ... More

Canadian Mortgage Market, Home Buyers, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate

23% of millennials justify lying on a mortgage application

9/16/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Some millennials believe it is justifiable to lie on a mortgage application, according to a new Equifax Canada survey on mortgage fraud. ... More

Canadian Mortgage Market, Millenials, Mortgage Consumers, Mortgage Market

Canadian mortgage borrowers have a 'rare opportunity'

9/6/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Canada's mortgage market has been turned upside down, and it's giving borrowers an uncommon advantage, a new report suggests. ... More

Canada Real Estate, Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Mortgages & Real Estate, Variable Rate Mortgages

Bank of Canada reveals latest interest rate decision

9/4/2019 | Posted in Interest Rates by Century 21 People's Choice
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The Bank of Canada resisted pressure from investors by declining to signal it will soon follow global peers in easing monetary policy. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Economic Growth, Interest Rates, Mortgage Consumers, Variable Rate Mortgages

Mortgage Stress Test Sidelining Young Buyers

8/24/2019 | Posted in Home Buyers by Century 21 People's Choice
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New data shows the country’s youngest buyers are being affected most by the government’s mortgage stress tests. ... More

Mortgage Consumers, Stress Test

A Bank of Canada rate cut as early as September

8/20/2019 | Posted in Interest Rates by Century 21 People's Choice
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A slowing economy and growing trade tensions suggest a cut will happen more quickly than currently accounted for, Macquarie economist says. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Canadians more likely to be homeowners, have a mortgage

8/9/2019 | Posted in Canadian Housing Market by Century 21 People's Choice
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Homeownership rates are higher now than they were two decades ago according to a new analysis from Statistics Canada. ... More

Fixed Rate Mortgages, Home Ownership, Mortgage Consumers, Mortgages & Real Estate, Statistics Canada

With fixed rates below variable ones, mortgage market is in the Upside Down

7/28/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Strange Things: Canadians can now get a lower interest rate on a new mortgage by locking into a fixed rate, rather than opting for a variable rate. ... More

Canadian Mortgage Market, Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

The era of higher mortgage rates was short-lived

7/18/2019 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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Those renewing or about to renew their mortgages can breathe a sigh of relief: The era of higher interest rates appears to have been short-lived. ... More

Canadian Mortgage Market, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

Alternative lenders increase share of slowing Canadian mortgage market: CMHC

7/17/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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An increasing number of homeowners turned to alternative lenders last year, while new mortgage growth reached its slowest pace in more than a quarter of a century amid government ... More

Alternative Lenders, Canadian Mortgage Market, CMHC, Home Buyers, Mortgage Consumers, Mortgage Industry, Mortgage Market, Mortgage Trends, Mortgages & Real Estate, Private Lenders

Bank of Canada keeps key interest rate steady

7/10/2019 | Posted in Canadian Economy and Interest Rates by Century 21 People's Choice
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The Bank of Canada is keeping its trend-setting interest rate steady at 1.75 per cent in a decision widely expected by economists. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, Variable Rate Mortgages

Despite new details, First-Time Home Buyer Incentive is flawed

6/18/2019 | Posted in First Time Home Buyers by Century 21 People's Choice
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While more details about the First-Time Home Buyer Incentive were released this week, there remains a glaring problem. ... More

Canada, Canadian Housing Market, CMHC, First Time Home Buyer Incentive, First Time Home Buyers, Mortgage Consumers, Mortgages & Real Estate

Mortgage market suffers 'extended chill' says Equifax

6/17/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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The Canadian mortgage market continues to suffer from the impact of lower home sales in major markets as the stress tests weaken homebuyers’ abilities. ... More

Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Delinquency, Mortgage Industry, Mortgage Market, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Reverse Mortgages, Second Mortgages, Stress Test, Uninsured Mortgages, Variable Rate Mortgages

More mortgage rate cuts could be coming for Canadian homebuyers

6/11/2019 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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Canadian mortgage rates have already tumbled in recent months and more discounts could be on the way for homebuyers, a according to a new forecast. ... More

Condo Buyers, Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Renewals, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

Regulator defends mortgage stress test in face of pushback from industry

6/11/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Canada’s top federal banking regulator says a stress-test for uninsured mortgages is “working,” but that it is still keeping an eye on lending practices. ... More

Canadian Housing Market, Canadian Real Estate Market Outlook, Home Buyers, Housing Affordability, Mortgage Consumers, Mortgage Delinquency, Mortgage Trends, Mortgages & Real Estate, OSFI, Stress Test

Canadian mortgage rates falling to their lowest level in 2 years

6/7/2019 | Posted in Interest Rates by Century 21 People's Choice
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Spring is typically a busy time for home sales, so lenders are competing fiercely right now for new business — and that's adding up to record low rates for borrowers. ... More

Canada, First Time Home Buyers, Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Refinancing, Mortgages & Real Estate, Variable Rate Mortgages

Bank of Canada maintains overnight rate target at 1.75 per cent

5/29/2019 | Posted in Interest Rates by Century 21 People's Choice
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The Bank of Canada today maintained its target for the overnight rate. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt

Interest rate cut now unlikely say economists

5/27/2019 | Posted in Interest Rates by Century 21 People's Choice
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The Bank of Canada will make its May interest rate decision Wednesday but it’s unlikely there will be a change according to a panel of experts. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Household debt at a record high, senior mortgages increase

5/23/2019 | Posted in Financial Health by Century 21 People's Choice
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Canadian households continued to pile up debt in the fourth quarter of 2018 according to a new report from CMHC. ... More

CMHC, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Personal Finance

Delinquency rates hold steady even as credit market grows

5/23/2019 | Posted in Financial Health by Century 21 People's Choice
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The Canadian credit market has grown but it appears that consumers are generally managing their debt well. ... More

Canadian Credit Market, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Delinquency, NonMortgage Debt

BoC touts long-term mortgages to open MBS market

5/9/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Bank of Canada Governor Stephen Poloz suggested that lenders should encourage mortgage products with longer terms as a means of distributing risk more evenly and insulating the ... More

Bank of Canada, Canada Mortgage and Housing Corporation, Household Debt, Mortgage Consumers, Mortgage Market, Mortgage Trends, Mortgages & Real Estate, Uninsured Mortgages

Fixed or Variable Rate?

5/6/2019 | Posted in Canadian Economy and Interest Rates by Century 21 People's Choice
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Goodbye, variable-rate mortgage. Everyone’s going fixed these days, and for good reason. ... More

Fixed Rate Mortgages, Home Buyers, Interest Rates, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Trends, Mortgages & Real Estate

Self-employed increasingly turning to private lenders for mortgages

4/25/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage. ... More

Canada, Home Buyers, Mortgage Consumers, Mortgages & Real Estate, Private Lenders, Self Employed

Bank of Canada keeps rates steady, cuts language about future hikes

4/24/2019 | Posted in Interest Rates by Century 21 People's Choice
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Bank of Canada keeps rates steady, cuts language about future hikes. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Mortgage stress test is helping fuel alternative lending boom

4/16/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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CIBC economist says regulators need to revisit rules that have made it harder to get a mortgage. ... More

Canada Real Estate, Canadian Housing Market, First Time Home Buyer Incentive, Home Buyers, Mortgage Consumers, Mortgages & Real Estate, Private Lenders, Stress Test, Uninsured Mortgages

Bank of Canada 'going nowhere' with interest rates into 2020: Economist

4/3/2019 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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The Bank of Canada is likely to stand pat on interest rates for the remainder of this year and well into 2020, according to the chief economist of BMO Financial Group. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Consumers, Mortgage Rates, Mortgages & Real Estate, Variable Rate Mortgages

Bank of Canada's Poloz says stimulative rates needed for temporary soft patch

4/2/2019 | Posted in Canadian Economy and Interest Rates by Century 21 People's Choice
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Poloz's optimism Monday about the future could ease speculation the central bank could lower rates. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Canada Real Estate, Economic Growth, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

First-Time Home Buyer Incentive reduces qualifying power

3/22/2019 | Posted in First Time Home Buyers by Century 21 People's Choice
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The First-Time Home Buyer Incentive actually reduces affordability. ... More

First Time Home Buyer Incentive, First Time Home Buyers, Housing Affordability, Mortgage Consumers, Mortgages & Real Estate

Bank of Canada to hold interest rates through 2020: TD Securities

3/15/2019 | Posted in Interest Rates by Century 21 People's Choice
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The Bank of Canada will likely hold off raising interest rates through all of 2020, and could even cut rates later this year, according to TD Securities’ senior rates ... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

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